Woori and Kosepco price

Another busy day for Korean borrowers, with a subordinated debt offering from Woori and a debut bond by Korea South-East Power (Kosepco).

Korean borrowers issued a further $350 million in paper yesterday Wednesday, with Woori Bank completing a $200 million lower tier 2 deal and Kosepco a $150 million Reg S transaction.

Market participants commented that neither deal appeared to have set the market on fire and that both had been required to face up to an investor base suffering increasing fatigue towards Korean paper. However, the two deals were priced in line with expectations and in the process...